When the markets are up and running...
Well that is the time when every thing us up and running. One may feel good about such a situation however there is a serious downside to this situation and that is the gas fee.
THE GAS FEE MATTERS
High gas fee is one of the reasons that one is not able to transfer the ETH based tokens.
Take for instance when I tried to move one of my ETH based tokens from my wallet to the exchange for trading the GAS fee was working out to close to $38 !
This was way mare then the value of the tokens themselves.
This made so many wallet transfers nonviable.
While the killer ETH gas fee is down
Recently when I checked the ETH gas fee it showed me the fee as 0.0015 ETH
Now ETH being down to $1055 by today's rate this works to
0.0015 eth X 1055 = $1.58
This makes one jump with joy!
Well this looks like an opportunity for sure.
What is the low fee ETH GAS opportunity ?
I can think of a number of things one could do for instance
- Consolidate wallets by moving ETH or ETH based tokens from multiple wallets to one so that when the fee goes up again one can move funds more economically by reducing the umber of transfers.
- Put some of the stable coins for staking
The low fee gives one the opportunity to stake ETH based tokens and grow them while the markets are down. - Withdraw some of the low value funds off centralized exchanges to your wallets where you hold the keys.
Could we see lower ETH gas fees !
As they say in crypto anything is possible. Specially with the ETH 2.0 round the corner with its innumerable delays.
Maybe the gas fee may go down further.
However who can say so with utmost certainty.
Low ETH gas fee the silver lining to the crashing crypto markets
Looking at how your crypto holdings are in the red can be painful to say the least.
However this can be an opportunity to tweak your portfolio and make the most of the low gas fees while they last.